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Now That the Euro's
Here, Avoid This Trap

By

Pascal Salin

Updated May 6, 1998 12:01 a.m. ET

This weekend's events, for all their clumsiness, brought a certain sense of closure to the long-running debate about the single currency: The euro will exist and, barring some unpredictable catastrophe, it will likely survive. Those who have fought this outcome--as has been my own case--have to recognize they have been defeated, which does not mean that they were wrong.

I have always been hostile to the euro, not because I thought it might have some catastrophic economic effects or that it might jeopardize national...